So a family member has started to live in our homestead, and the plan is for them to pay into a bank account.
Now to go official e.g. to make IRD happy etc. Can we just declare it as income at the end of the year? Or declare as income now? We are hoping to avoid a propety manager because we are ok with who we have in the house? Is this doable for us to do? We do not have any certs etc regarding Real Estate, but want to make sure we cover the legal side of things.
Also I have been told that we can claim back on any maintenance or tax etc while someone else is living in the house? Is there any truth to this?
Anything appreciated.
Now to go official e.g. to make IRD happy etc. Can we just declare it as income at the end of the year? Or declare as income now? We are hoping to avoid a propety manager because we are ok with who we have in the house? Is this doable for us to do? We do not have any certs etc regarding Real Estate, but want to make sure we cover the legal side of things.
Also I have been told that we can claim back on any maintenance or tax etc while someone else is living in the house? Is there any truth to this?
Anything appreciated.
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